Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [2] - The IPO involved the issuance of 297,397,000 H-shares, with a total fundraising amount of HKD 9.145 billion, making it the largest IPO for a car company in Hong Kong this year [2] - The public offering was oversubscribed by 308.18 times, while the international offering was oversubscribed by 11.61 times [2] Group 2 - Horizon Robotics, a long-term strategic partner of Chery, invested approximately USD 58.7 million (HKD 457.25 million) in the IPO, highlighting the trust and collaboration between the two companies [2][3] - The launch of the Xpeng ET5, the world's first vehicle equipped with Horizon's HSD system and flagship chip, is a significant milestone in their partnership [3][6] - Chery plans to allocate 35% of the IPO proceeds for new model development and 25% for next-generation technology and advanced R&D systems, aligning with Horizon's focus on intelligent driving capabilities [8] Group 3 - Horizon Robotics has established a comprehensive strategic partnership with Chery since 2021, focusing on the development of next-generation assisted driving products [4] - Horizon's products have been adopted by 27 OEMs, with a market share of 32.4% in the Chinese autonomous driving computing solutions market [9] - The company has achieved a production milestone of over 10 million units for its Journey family of products, becoming the first domestic intelligent driving technology company to reach this level [9][12] Group 4 - Horizon Robotics is transitioning from a "hardware and software solution provider" to a "technology infrastructure platform builder," which may lead to a structural change in its valuation logic [13] - The company's stock price has increased by 185% since the beginning of 2025, driven by the rapid growth of the intelligent driving industry and adjustments in its valuation anchors [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant events, including Changan Automobile's February 2025 production and sales report, showing a wholesale vehicle sales volume of 161,400 units, with a year-on-year increase of 0.94% for the cumulative sales from January to February 2025 [2][6] - The company plans to launch 13 new energy vehicle models in 2025, enhancing its global strategy and accelerating its electric and intelligent transformation [6][7] - The report anticipates a recovery in net profit for 2024-2026, with projected figures of 5.245 billion, 6.885 billion, and 9.662 billion yuan respectively, corresponding to EPS of 0.69, 0.97, and 1.14 yuan [6][7] Summary by Sections Sales Performance - In February 2025, the company's wholesale sales were 161,400 units, with a month-on-month decrease of 41.45% and a year-on-year increase of 5.72%. Cumulative sales for January-February 2025 reached 437,100 units, up 0.94% year-on-year [2] - The new energy vehicle sales in February were 39,700 units, reflecting a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] Financial Forecasts - The main revenue forecast for 2025 is 186.5 billion yuan, with a year-on-year growth rate of 11% [3] - The projected net profit for 2025 is 6.885 billion yuan, with a year-on-year growth of 31% [3] Strategic Initiatives - The company is set to enhance its product lineup with new energy models and expand its global market presence, targeting 81 countries [6] - Collaborations with Huawei and CATL are expected to deepen, supporting the company's electric and intelligent transformation [6]